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Bitcoin ATM installed on Venable Street
05/05/2016 7:18 AM by John M
A Bitexpress bitcoin ATM was recently installed in D Express Deli at 2001 Venable Street. There is a standard ATM on site as well – the Bitcoin ATM is in the back.
TAGGED: Venable Street
A magical device that takes something of value and in return gives you something worthless.
@ #4, et al I feel like you either “get” Bitcoin or you don’t. Arguably it’s no more imaginary than any other money, and perhaps more real because there are controls on how much of it can be created.
Regardless, I think the comments about drugs are spot on. Considering the popularity of bitcoin for drug transactions, someone needs to be asking the folks who made the decision to install this thing some hard questions as to why they thought this was a good idea.
Why put it in a shady part of town? Between this corner store, and the store just up Mosby, I can only see this being used to hide drug transactions. I hope someone puts a stop to this immediately.
Yes, please put a stop to voluntary exchange. Especially if the government can’t have their cut!
Bitcoin ATM Makes Richmond Debut
http://www.styleweekly.com/TheDeal/archives/2016/05/04/bitcoin-atm-makes-richmond-debut
Cameron’s link just owned Katherine.
First off, this installation of a Bitcoin machine is very suspicious for several reasons.
One Bitcoin = $449.54 (the current exchange rate). How many people visiting that store has that kind of disposable cash?
The owner of that business doesn’t seem to be able to afford to keep the building or apartments attached, properly painted nor afford proper signage for the building. Why does he think that people along the Mosby Court corridor have thousands of cash to spend on a non government backed currency? And hide it in the back of the store.
Yup, sounds legit to me.
@ Eric
While I’m concerned as well (see my previous comment) I wanted to respond to some points you made:
1) I believe people can buy small FRACTIONS of bit coins (I.e. 10 dollars worth, whatever that comes out to). I don’t think they are sold or traded in discrete units. If anyone else wants to chime in, enlighten me.
2) It’s not clear that the store owner owns the ATM. They could have any number of different arrangements with the company that maintains the atm/service (I.e. Bitcoin express may pay them for the space, they may just permit it tp be there as an inducement to get people in the store, etc.)
3) That building doesn’t look great, but I don’t think it’s especially terrible, either. Then again, I’ve never been inside. Regardless, do we know that the owners of the store own the building? They may rent, and may only be responsible for the storefront. Which is really a different issue, regardless.
I am in no way going to claim that I know anything about Bit-Coin but after some reading, it sounds more like Bit-Con. There is a bunch of double-talk about Mining to generate fees to pay the Miners who validate transactions in Iceland? All of the terminology is foreign and hard to follow. But apparently merchants buy the machines (I did not check in leasing) and pay a $100 month fee to operate it. And yes, you can have transactions up to $1-million or more through it. The $450 exchange rate is if you get a full coin that is physical but the principal behind it is paperless transactions which charge no “transaction fees”… which is not true. With loophole terminology they don’t charge “fees” but every user is “mined” and s around 3.5% to compensate the miners… are you confused yet? I am!
FDR took our currency off the Gold Standard in 1933 and JFK took it off the Silver Standard in 1963. Today, the US Dollar is “Fiat Money” unbacked by any physical asset. It is simply legal tender. The gold at Fort Knox and in NYC has been used to pay debts to other countries who would demand that payment be made in gold.
What backs the U.S. dollar other than the “full faith and credit of the U.S.” is explained in this article by a man who’s made a lot of them (and he also states correctly in the article that “Coercion is what holds the U.S. dollar system together.“) – http://dailyreckoning.com/peter-thiel-explains-backs-u-s-dollar/
Some of the problem we have is that we just print a bunch more paper money when we need more circulating (which costs about .06¢ to print a dollar bill), and drive up the national deficit. The bank can pull money off the streets at any time and you can’t “cash in” on it as prior to 1963 or 1933, where the governments/banks would give you actual silver or gold for it. It is simply now a piece of paper and could become worthless at any time they see fit. That is why people invest in gold and silver as backup, in case there is a coup by anarchists or general collapse so they will have something to use as currency and barter.
Again, our currency is considered Legal Tender, which is no different than Seashell currency once used in Borneo, Stone money on Yap island, or Feathers at Santa Cruz.
Our money is Fiat Currency which means the value is underpinned by the strength of the government that issues it, not its worth in gold or silver. The Federal Reserve can control the supply and demand and is fairly stable not being influenced by commodity prices.
On a side note… did you do know that our own Federal Reserve houses in its vaults underground, the currency for banks between New Jersey and Georgia? That is why the building was a target during 9-11. And what makes this more ominous is the fact that the building was also designed by the same architect who designed the World Trade Center twin towers… Minoru Yamasaki (1912-1986). The Federal Reserve was built in 1978.
Hilarious. You all should now explain the rules of cricket – especially if you’ve never heard of it. And why that game should never be played in bad neighborhoods.